《大行報告》大摩上調東亞(00023.HK)目標價至11.5元 評級「與大市同步」
摩根士丹利發表報告表示,在東亞銀行(00023.HK)公布去年第四季業績前,將2022至2024年盈利預測各下調56%、11%及2%,考慮到香港的貸款需求疲軟,並將東亞去年下半年貸款增長預測下調。基於東亞對中國房地產行業的敞口,該行大幅上調對東亞2022至2023年的貸款撥備預測。
但由於利率變動好於此前預期,大摩相應上調東亞去年淨利差預期,今明兩年則維持不變,2022至2024年非淨利息收入預測亦上調,以反映零售財富收入的改善,上調對其目標價,由9.9元升至11.5元。
該行認為,東亞其他同業風險較低且上行空間較大,因此對東亞維持「與大市同步」評級,認為潛在回報仍然疲弱,同時推行新發展戰略所帶來的改善效果仍具有不確定性,相信東亞現時估值已合理反映出預期回報和相關風險。
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